Any "Latest & Greatest" about Delta?
Gets Weekends Off
Joined APC: Feb 2008
Posts: 2,539
Gets Weekends Off
Joined APC: Feb 2006
Posts: 1,242
Now this is nothing new, but I am new so I just looked at it for the first time yesterday, and am wondering if I am interpreting this correctly. We can take a loan out from our retirement savings with a standard amoritization and pay interest, but we are paying the interest back to ourselves so we aren't really being charged anything? And it also said no tax penalties. If that is right, that's awesome. Could you then use that for part of a downpayment for a home and essentially not pay interest on that portion? Maybe I am completely misinterpreting this.
Now this is nothing new, but I am new so I just looked at it for the first time yesterday, and am wondering if I am interpreting this correctly. We can take a loan out from our retirement savings with a standard amoritization and pay interest, but we are paying the interest back to ourselves so we aren't really being charged anything? And it also said no tax penalties. If that is right, that's awesome. Could you then use that for part of a downpayment for a home and essentially not pay interest on that portion? Maybe I am completely misinterpreting this.
They are having "coaching" troubles all around (basketball, too). I wonder if ts was at that bar-b-que?
As far as the "being punked" thing... just stirrin the pot. I like watching the hornets.. and PG is waaaaaay too easy
Take it easy on the LAX 76 guy....some of those guys have weak constitutions. The partiers are all on the 73.
Not bummed about the Big Orange at all really. If we win out, we go bowlin' Hey even the Music City Bowl would be unexpected these days so it's all good. And my testiness is more centered around the hopie/changie thing and the fact that it seems EVERYBODY is sticking their hand in our pocket. I don't wanna wait until 2015 to see some real changes. Lee has 6 months... Tim.. even less. Tell 'em to fix the reserve system. You got their ear.
As far as the "being punked" thing... just stirrin the pot. I like watching the hornets.. and PG is waaaaaay too easy
As far as the "being punked" thing... just stirrin the pot. I like watching the hornets.. and PG is waaaaaay too easy
Okay, back on a real computer.
401K withdrawal... mind you, this is something financial advisers rail against and for good reason.
As already stated: If you have left an employer where you had a 401(k), you can cash out that 401(k) anytime, but that withdrawal will be subject to 20% federal income taxes and the 10% penalty if you cash out before age 59 ½. According to one state 45% of Americans cash out their 401Ks from previous employers once they leave.
Can you withdrawal or cash out a 401K while employed? Yes, if you meet hardship criteria and the IRS lays out when you can do that. Just because you want some cash is not a qualifying reason.
Now can you withdrawal or cash out a Delta 401K while working there? Yes, for the same reasons the IRS says so. Everything I read says refer back to your company for further restrictions or rules. So listed is from the Delta Pilots Saving Plan guide:
Hardship Withdrawals
Federal tax law restricts withdrawals of pre-tax contributions (including catch-up contributions and, for the purpose of hardship withdrawals, Roth 401(k) contributions) while you are working for Delta. The Code permits the withdrawal of such contributions only in cases of “financial hardship” (as such term is defined by the Code). If you meet the requirements of a financial hardship (as described below), you may withdrawal all or a part of your: Pre-tax contributions, Roth 401(k) contributions, Catch-up contributions, Rollover contributions and Elective transfer contributions that were treated as pre-tax contributions.
You may not withdraw any investment earnings attributable to the contribution types listed above.
To qualify for a “financial hardship” withdrawal under the Code, you must have an immediate and heavy financial need for any of the following reasons:
1. To pay certain health-related expenses of you, your spouse or your dependents that are not paid by insurance,
2. To purchase your primary residence,
3. To pay tuition and related educational expenses (including room and board) for the next 12 months of post-secondary education for you, your spouse, children or dependents,
4. To prevent foreclosure on or eviction from your principal residence,
5. To pay burial or funeral expenses for a qualified family member,
6. To pay certain expenses for the repair of damage of your principal residence that would qualify for a casualty tax deduction.
The withdrawal is limited to the amount expected to meet this immediate and heavy financial need. However, it may include amounts necessary to pay income taxes (state and federal) or penalties resulting from the hardship withdrawal. (See “Tax Implications of a Withdrawal” later in this section.)
“Financial hardship” also means you cannot pay any of the above expenses through other means, such as:
1. Ceasing contributions to the Plan,
2. A loan or in-service withdrawal,
3. Reasonable liquidation of your assets,
4. A commercial bank loan, or
5. Reimbursement or payment of insurance.
401K withdrawal... mind you, this is something financial advisers rail against and for good reason.
As already stated: If you have left an employer where you had a 401(k), you can cash out that 401(k) anytime, but that withdrawal will be subject to 20% federal income taxes and the 10% penalty if you cash out before age 59 ½. According to one state 45% of Americans cash out their 401Ks from previous employers once they leave.
Can you withdrawal or cash out a 401K while employed? Yes, if you meet hardship criteria and the IRS lays out when you can do that. Just because you want some cash is not a qualifying reason.
Now can you withdrawal or cash out a Delta 401K while working there? Yes, for the same reasons the IRS says so. Everything I read says refer back to your company for further restrictions or rules. So listed is from the Delta Pilots Saving Plan guide:
Hardship Withdrawals
Federal tax law restricts withdrawals of pre-tax contributions (including catch-up contributions and, for the purpose of hardship withdrawals, Roth 401(k) contributions) while you are working for Delta. The Code permits the withdrawal of such contributions only in cases of “financial hardship” (as such term is defined by the Code). If you meet the requirements of a financial hardship (as described below), you may withdrawal all or a part of your: Pre-tax contributions, Roth 401(k) contributions, Catch-up contributions, Rollover contributions and Elective transfer contributions that were treated as pre-tax contributions.
You may not withdraw any investment earnings attributable to the contribution types listed above.
To qualify for a “financial hardship” withdrawal under the Code, you must have an immediate and heavy financial need for any of the following reasons:
1. To pay certain health-related expenses of you, your spouse or your dependents that are not paid by insurance,
2. To purchase your primary residence,
3. To pay tuition and related educational expenses (including room and board) for the next 12 months of post-secondary education for you, your spouse, children or dependents,
4. To prevent foreclosure on or eviction from your principal residence,
5. To pay burial or funeral expenses for a qualified family member,
6. To pay certain expenses for the repair of damage of your principal residence that would qualify for a casualty tax deduction.
The withdrawal is limited to the amount expected to meet this immediate and heavy financial need. However, it may include amounts necessary to pay income taxes (state and federal) or penalties resulting from the hardship withdrawal. (See “Tax Implications of a Withdrawal” later in this section.)
“Financial hardship” also means you cannot pay any of the above expenses through other means, such as:
1. Ceasing contributions to the Plan,
2. A loan or in-service withdrawal,
3. Reasonable liquidation of your assets,
4. A commercial bank loan, or
5. Reimbursement or payment of insurance.
Hey, good news...........I'm sitting in my hovel at the NRT Radisson and don't even feel like going to the Sports Bar after 3 nights in Saipan. I'm sorta "Jacked Out" Ok, so I'm going down anyway
But Carl.............the bad news is, I have time to recover
Consider this my RSVP...........Ferd's in for Carl's party.
Ferd
PS Buzz, I got my invite.............get back on the grid, you hermit, so the black helicopters with Carl's invitation can find ya
PPS I'm giving my LAX Capt the Asia tour (first time on Saipan). His homework assignment is "Lost in Translation"!
But Carl.............the bad news is, I have time to recover
Consider this my RSVP...........Ferd's in for Carl's party.
Ferd
PS Buzz, I got my invite.............get back on the grid, you hermit, so the black helicopters with Carl's invitation can find ya
PPS I'm giving my LAX Capt the Asia tour (first time on Saipan). His homework assignment is "Lost in Translation"!
Who would've thought that?!?
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